Dogecoin’s rare setup mirrors 2022 – Can DOGE repeat its 140% rally?

Rare technical setups often set the stage for a strong directional move.

Notably, Dogecoin [DOGE] seems to be showing one right now. From a technical standpoint, DOGE has been chopping around the $0.07 level for over seven weeks, while its weekly RSI remains in the oversold zone. Interestingly, the RSI hasn’t entered the overbought zone since the Q3 2025 cycle, suggesting that DOGE could be going through a prolonged accumulation phase.

This is where the chart below begins to hold weight. Based on DOGE’s CVDD Channel, the memecoin is currently sitting at one of the most extreme levels seen in its history, pointing to a zone of significant on-chain undervaluation. 

Taken together, the sideways chop, oversold RSI, and undervaluation suggest DOGE could be forming a rare technical setup, potentially building a solid base for its next major move. 

This makes the recent on-chain activity even more interesting. According to DOGE’s whale holdings, large holders have accumulated well over 430 million DOGE over the past week, adding more weight to the bullish setup. And the story doesn’t end here. Notably, other on-chain signals are also starting to look similar to DOGE’s 2022 cycle, when the memecoin rallied over 140% in a month, adding more fuel to the possibility of another major move.

Putting it all together, analysts are pointing to Dogecoin [DOGE] forming a big five-wave setup, making the memecoin one of the key assets to watch for the rest of Q3.

DOGE’s accumulation phase deepens

Dogecoin’s current setup is starting to look a lot like the early stages of its 2020-21 cycle.

Notably, analysts are pointing to a big five-wave structure, with DOGE now in the fourth wave, an accumulation phase that could set the stage for the next major move. With technicals, whale accumulation, and on-chain undervaluation all lining up, the setup is becoming hard to ignore.

As the chart below shows, DOGE’s previous cycle saw a massive 26,800% expansion after accumulation. Wave 1 and wave 2 appear to be complete, while Wave 3 topped near $0.04. DOGE is now developing Wave 4 within a descending channel. The key area to watch is the $0.07-$0.05 HTF demand zone, while the bigger bullish structure remains intact as long as DOGE stays above $0.04.

In short, DOGE could be on track for its next move, with the $0.07-$0.05 zone as the key area to watch.

Given this context, the ongoing whale accumulation doesn’t look random. It could be an early sign of large holders positioning for a similar 2020-21 style cycle. In turn, this makes DOGE’s big five-wave structure one to watch through Q3, with $1 still very much on the table.

Final Summary

• Dogecoin’s technicals, whale accumulation, and undervaluation suggest it could be preparing for a big move.
• With a potential five-wave setup forming, DOGE could repeat its 2020–21 cycle. As a result, this puts the $1 back on the table.